WASHINGTON – Among those closely watching the investigation into New Jersey Sen. Robert Torricelli’s campaign finances are Senate Republicans, who see it as a possible ticket back to power.

The stakes were raised by last week’s move by Sen. Jim Jeffords of Vermont to switch from Republican to independent, throwing the 50-50 Senate into Democratic control.

If Torricelli were to quit before New Jersey’s Acting Gov. Donald DiFrancesco, a Republican, leaves office in January, DiFrancesco would replace him with a member of his own party – and that would throw the Senate back to Republican control.

The GOP gets the edge in a 50-50 Senate because Vice President Dick Cheney can break tie votes.

An indictment would not force Torricelli to quit, and Democrats would urge him to stay – at least until they find out who wins the race for New Jersey governor.

But if Democrat Jim McGreevey wins in November and becomes the next governor, Torricelli might come under intense pressure by fellow Democrats to quit, so that McGreevey could replace him with a Democrat before the Senate election next year.

Senate Democratic leaders haven’t talked yet with Torricelli about an exit strategy, but aides say the top Dems certainly have discussed it among themselves.

One of their biggest worries is that Torricelli – feeling other Democrats are ungrateful for all the money he raised for them as head of the Democratic Senatorial Campaign Committee – would resist efforts to get him to quit.

If a Republican becomes the next New Jersey governor, national Democrats will have to decide whether to encourage “the Torch” to fight for re-election or find a challenger for him in the primary.

Under those scenarios, the news for Torricelli looks to be grim. GOP polls have found his favorable rating to be just 38 percent.